SEATTLE, Aug. 25, 2016 /PRNewswire/ -- National home
values appreciated for the 48th straight month this July
to a Zillow Home Value Indexi (ZHVI) of $187,300, according to the Zillow® Real Estate
Market Reportsii.
Home values are up 5 percent over the past year and have been
consistently climbing since August
2012, but still remain 4.7 percent below peak, which was hit
in April 2007 when the median home
value was $196,600.
Portland, Dallas and Denver reported the highest year-over-year
home value appreciation among the 35 largest metros across the
country. In Portland, home values
rose almost 15 percent to a median value of $334,900. Home values in Dallas and Denver appreciated 11.9 and 11.3 percent,
respectively.
In notoriously expensive San
Francisco, home values have been slowing down since the
beginning of the year. In January, home values were up almost 12
percent year-over-year and are now appreciating at about half that
pace, up 6.6 percent over the past year.
"The consistent rise in home values that we've been seeing for
the past four years masks a number of region-specific trends that
have taken place over the past few months," said Zillow Chief
Economist Dr. Svenja Gudell. "In
most areas, the market is being driven mainly by a strong labor
market and tight supply, especially among entry level homes that
first time buyers are after. But some markets – especially the
red-hot Pacific Northwest – are adding more jobs and attracting
more residents, putting the pressure on home values and rents. The
Bay Area and Southern California
are still growing at a faster pace than the nation as a whole, but
growth rates have come back to earth a bit after several years of
rapid growth. And markets in other regions, like the Northeast,
keep steadily chugging along. All housing is local, and as the
local economies in individual metros ebb and flow, housing will
follow suit. More than at any time since the boom and bust, we're
seeing a housing market that is driven by local fundamentals, and
not by national trends."
Rents across the country rose 2 percent over the past year, to a
Zillow Rent Indexiii (ZRI) of $1,408 -- this is the 47th straight
month rents have appreciated.
Of the 35 largest U.S. metros, Seattle, Portland and San
Francisco reported the highest year-over-year rent
appreciation. In Seattle, rents
rose almost 10 percent, to a median rent price of $2,052 per month, while rents in Portland rose just over 8 percent.
In San Francisco, the median
rent price rose to $3,407 per month,
the second highest of all U.S. metros, right after San Jose, CA. Rents in San Francisco appreciated 6 percent over the
past year.
Metropolitan
Area
|
Zillow Home Value
Index (ZHVI)
|
Year-Over-Year
ZHVI Change
|
Peak
ZHVI
|
Change from
Peak
|
Zillow Rent Index
(ZRI)
|
Year-Over-Year ZRI
Change
|
United
States
|
$
187,300
|
5.1%
|
$
196,600
|
-4.7%
|
$
1,408
|
2.2%
|
New York/Northern New
Jersey
|
$
387,800
|
3.4%
|
$
445,200
|
-12.9%
|
$
2,411
|
3.2%
|
Los Angeles-Long
Beach-Anaheim, CA
|
$
572,400
|
5.3%
|
$
604,000
|
-5.2%
|
$
2,585
|
4.7%
|
Chicago,
IL
|
$
199,800
|
4.0%
|
$
247,000
|
-19.1%
|
$
1,645
|
0.3%
|
Dallas-Fort Worth,
TX
|
$
191,500
|
11.9%
|
$
191,500
|
0.0%
|
$
1,543
|
4.0%
|
Philadelphia,
PA
|
$
209,200
|
3.0%
|
$
230,600
|
-9.3%
|
$
1,582
|
2.0%
|
Houston,
TX
|
$
173,500
|
7.6%
|
$
173,500
|
0.0%
|
$
1,581
|
1.5%
|
Washington,
DC
|
$
368,600
|
1.7%
|
$
427,600
|
-13.8%
|
$
2,123
|
0.7%
|
Miami-Fort
Lauderdale, FL
|
$
237,300
|
9.3%
|
$
305,100
|
-22.2%
|
$
1,887
|
4.8%
|
Atlanta,
GA
|
$
167,300
|
7.5%
|
$
174,500
|
-4.1%
|
$
1,311
|
3.9%
|
Boston, MA
|
$
396,300
|
5.8%
|
$
396,300
|
0.0%
|
$
2,308
|
4.5%
|
San Francisco,
CA
|
$
807,800
|
6.6%
|
$
807,800
|
0.0%
|
$
3,407
|
6.2%
|
Detroit,
MI
|
$
128,300
|
6.2%
|
$
157,100
|
-18.3%
|
$
1,175
|
2.8%
|
Riverside,
CA
|
$
311,700
|
7.1%
|
$
403,900
|
-22.8%
|
$
1,738
|
4.0%
|
Phoenix,
AZ
|
$
221,900
|
8.0%
|
$
273,600
|
-18.9%
|
$
1,298
|
4.8%
|
Seattle,
WA
|
$
394,600
|
11.3%
|
$
394,600
|
0.0%
|
$
2,052
|
9.9%
|
Minneapolis-St Paul,
MN
|
$
228,400
|
6.2%
|
$
240,500
|
-5.0%
|
$
1,541
|
3.0%
|
San Diego,
CA
|
$
513,600
|
5.4%
|
$
543,700
|
-5.5%
|
$
2,424
|
5.0%
|
St. Louis,
MO
|
$
143,100
|
5.0%
|
$
158,900
|
-9.9%
|
$
1,135
|
1.5%
|
Tampa, FL
|
$
168,800
|
9.4%
|
$
214,200
|
-21.2%
|
$
1,332
|
3.7%
|
Baltimore,
MD
|
$
253,000
|
2.8%
|
$
289,100
|
-12.5%
|
$
1,735
|
1.0%
|
Denver, CO
|
$
339,600
|
11.3%
|
$
339,600
|
0.0%
|
$
2,013
|
5.1%
|
Pittsburgh,
PA
|
$
131,000
|
4.7%
|
$
131,000
|
0.0%
|
$
1,113
|
1.8%
|
Portland,
OR
|
$
334,900
|
14.7%
|
$
334,900
|
0.0%
|
$
1,772
|
8.2%
|
Charlotte,
NC
|
$
163,400
|
6.8%
|
$
163,400
|
0.0%
|
$
1,240
|
2.3%
|
Sacramento,
CA
|
$
343,000
|
7.0%
|
$
420,800
|
-18.5%
|
$
1,675
|
5.6%
|
San Antonio,
TX
|
$
152,900
|
6.6%
|
$
152,900
|
0.0%
|
$
1,318
|
1.5%
|
Orlando,
FL
|
$
187,500
|
7.8%
|
$
256,200
|
-26.8%
|
$
1,370
|
3.2%
|
Cincinnati,
OH
|
$
144,700
|
4.9%
|
$
144,700
|
0.0%
|
$
1,241
|
0.4%
|
Cleveland,
OH
|
$
128,800
|
3.5%
|
$
145,400
|
-11.4%
|
$
1,148
|
1.6%
|
Kansas City,
MO
|
$
150,000
|
5.2%
|
$
159,500
|
-6.0%
|
$
1,240
|
2.7%
|
Las Vegas,
NV
|
$
204,700
|
7.2%
|
$
304,700
|
-32.8%
|
$
1,238
|
2.6%
|
Columbus,
OH
|
$
156,900
|
3.6%
|
$
156,900
|
0.0%
|
$
1,294
|
2.6%
|
Indianapolis,
IN
|
$
130,800
|
-3.5%
|
$
139,900
|
-6.5%
|
$
1,196
|
0.5%
|
San Jose,
CA
|
$
948,600
|
7.1%
|
$
948,600
|
0.0%
|
$
3,520
|
4.5%
|
Austin, TX
|
$
254,500
|
8.6%
|
$
254,500
|
0.0%
|
$
1,715
|
2.4%
|
Zillow
Zillow® is the leading real estate and rental
marketplace dedicated to empowering consumers with data,
inspiration and knowledge around the place they call home, and
connecting them with the best local professionals who can help. In
addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of
economists and data analysts produce extensive housing data and
research covering more than 450 markets at Zillow Real Estate
Research. Zillow also sponsors the quarterly Zillow Home Price
Expectations Survey, which asks more than 100 leading economists,
real estate experts and investment and market strategists to
predict the path of the Zillow Home Value Index over the next five
years. Zillow also sponsors the bi-annual Zillow Housing Confidence
Index (ZHCI) which measures consumer confidence in local housing
markets, both currently and over time. Launched in 2006, Zillow is
owned and operated by Zillow Group (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
|
|
|
i The
Zillow Home Value Index (ZHVI) is the median estimated home value
for a given geographic area on a given day and includes the value
of all single-family residences, condominiums and cooperatives,
regardless of whether they sold within a given period. It is
expressed in dollars, and seasonally adjusted.
ii The Zillow Real Estate Market Reports are a monthly
overview of the national and local real estate markets. The reports
are compiled by Zillow Real Estate Research. For more information,
visit www.zillow.com/research/. The data in Zillow's Real Estate
Market Reports are aggregated from public sources by a number of
data providers for 928 metropolitan and micropolitan areas dating
back to 1996. Mortgage and home loan data are typically recorded in
each county and publicly available through a county recorder's
office. All current monthly data at the national, state, metro,
city, ZIP code and neighborhood level can be accessed at
www.zillow.com/local-info/ and www.zillow.com/research/data.
iii The Zillow Rent Index (ZRI) is the median Rent
Zestimate® (estimated monthly rental price) for a given geographic
area on a given day, and includes the value of all single-family
residences, condominiums, cooperatives and apartments in Zillow's
database, regardless of whether they are currently listed for rent.
It is expressed in dollars.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/home-values-rise-for-48th-straight-month-300318102.html
SOURCE Zillow, Inc.